Launched in June 2019 by GroundX, a subsidiary of Kaokao, a large South Korean communications company, Klaytn is a service-centric enterprise-level distributed trust blockchain platform that provides barrier-free user experience and development environment.

Creating a circular ecosystem of digital assets and trading them.

1. Difficulty of use: Blockchain applications force end users to understand encryption terminology and the inner workings of the system. There are too many steps to make a transaction, and hexadecimal strings are everywhere. 2. Poor user experience: The burden of immature technology is simply transferred to users. In many blockchain systems, transactions are not confirmed until a long time has passed. The use of the application usually requires the password to be re-entered (without password recovery) and a fee is charged for each interaction (the amount of each fee can fluctuate greatly). 3. Uncertain sustainability: The lack of long-term sustainable business models for public blockchains has slowed corporate adoption. The operation relies heavily on token economies that incentivize stakeholders to behave in a sustainable way, but the model has yet to be proven in the commercial world.

Klaytn, an enterprise-class blockchain public platform created by Kakao, is dedicated to large-scale blockchain applications through an efficient "hybrid" design that combines the best functions of public blockchain (decentralized data and control, distributed governance) and private blockchain (low latency, high scalability). Create a good development environment and user experience.

Klaytn Network consists of three logical sub-networks: Core Cell Network, Endpoint NodeNetwork and Service Chain Network. Core Cellular Network (CCN) A CCN consists of a core unit (CC) that validates and executes transactions committed through endpoint nodes (EN). CCN is responsible for creating and propagating blocks across the network. ENN consists of Endpoint Nodes (EN), which create transactions, process RPC API requests, and process data requests from the service chain. 3. Service Chain Network (SCN) SCN is a Klaytn sub-network consisting of secondary blockchains independently operated by blockchain applications (BApps). The service chain is connected to the main chain via EN. Core Cell Network and Endpoint Node Network form the Klaytn main chain or main Network. Blockchain applications can run on the Klaytn main chain, Cypress, as well as their own blockchain called the service chain.

1. KLAY can be used as a means of payment within ecology. 2. KLAY tokens can be used as pledges. 3. Cast NFT: Users can cast NFT with KLAY on the Klaytn network, which works with OpenSea to launch NFT cast over the Klatyn network.

Klaytn uses the Istanbul Byzantine BFT consensus algorithm. In PBFT, each node communicates with other participating nodes to reach consensus, and once the nodes are able to reach consensus, the finality of the block is guaranteed.

1. High performance (1) 4,000 transactions per second (2) one-second block generation time. (3) More than 50 consensus nodes can participate in the consensus process. 2. Low Cost (1) The end user should not bear any higher transaction costs than the cost of traditional systems. (2) Transaction fees are stable and are determined by the complexity of the transaction itself rather than by surrounding factors. 3, user account management availability (1) users can choose their own account address in a readable format. (2) The user can change the private key of the account without changing the address. 4. Klaytn provides tutorials and toolkits for developing blockchain-based services. 5. Transparency, security and decentralization (1) Every user can request a transaction on the blockchain and retrieve and verify the execution results of each transaction. (2) Klaytn is a decentralized network with no malicious nodes destroying data integrity.

1. Klaytn blockchain adopts a hybrid approach, using the concept of Consensus Nodes (CNs) and Ranger Nodes (RNs) to achieve scalability and transparency. 2. Core unit (CC) of Klaytn: Consensus node (CN) + Proxy node (PN) Core unit (CC) consists of a single consensus node (CN) and two proxy nodes (PN). Consensus nodes participate in the block generation process, while proxy nodes provide network interfaces. The PN transmits the transaction request to the consensus node and propagates the block down to the endpoint node. 3. Klaytn adopts multi-channel method to deal with network congestion. By assigning separate propagation channels for transactions and blocks, the Klaytn network is able to propagate newly created blocks in a timely manner, even if the network is severely congested with a large number of transactions. In this way, Klaytn ensures that BApps on its network can remain responsive to end user requests regardless of intermittent network traffic peaks. 4. Klaytn achieved fast closure by adopting and improving the Istanbul BFT consensus algorithm. The problem of increasing traffic in BFT algorithm is solved by random selection method. 5. Klaytn supports Solidity and maintains interoperability with Ethereum development kits such as Remix or Truffle. Smart contracts written with Solidity can be compiled using the existing Solidity compiler and executed on Klaytn with no additional work.

KLAY had an initial issue of 10 billion and continued to issue more at an inflation rate of 3% a year.

Klaytn is a public chain that provides an extremely high performance, reliable, stable, low-cost, and security model that is similar in complexity to a private chain, but is able to decentralize trust by providing open access that allows auditing blocks.

Klaytn set up governance board incentives and for each block, a committee of randomly selected board members was formed. One member of each committee is designated as a sponsor; All other committee members assume the role of validator. When a block is successfully created and added to the Klaytn blockchain, its Proposer receives a 100% block reward. The probability that a council member is elected to a Proposer is proportional to the number of klays pledged by that member; That is, the more KLAY a member holds, the more likely that member is to be selected as a proposer and receive a block award.

With the support of Kakao, the traditional social giant, the government, banks and partners in the cryptocurrency field, as well as technological innovation, application expansion and ecosystem improvement, Klaytn has the potential to become a project and ecosystem with close to 100% market share in South Korea.

Klaytn is currently being developed at a relatively slow pace. Although it is a blockchain project supported by large South Korean companies, dApps and users deployed on it are relatively few and limited to South Korea.

Klaytn, as the infrastructure to carry the ecological development of blockchain in South Korea, is currently supported by the government and banks in China. Kakao, on the other hand, is expected to turn Korean users into eco-users and expand eco-value in various fields. It is also worth looking forward to KLAY's future value explosion in South Korea, where cryptocurrency laws and regulations are sound.